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November 21, 2009

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CNPC and Sudan to cooperate on refining

CHINA'S largest oil and gas company said it has signed a memorandum of understanding with Sudan to strengthen cooperation in oil refining.

China National Petroleum Corp, the parent of PetroChina Co, sealed the MOU with the Sudanese government to expand phase II of a refinery in Khartoum, the capital, the company said yesterday in a statement on its Website. The MOU also covers prepayment agreements concerning the crude trade but the statement didn't elaborate.

The Khartoum refinery was established in 1997 and first put into operation in May 2005, with the two parties owning equal stakes.

Its phase I expansion was completed in June 2006 and annual processing capacity was 5 million tons. The refinery's capacity is expected to be doubled after completion of the phase II expansion in 2011.

CNPC said it will also swap shareholding in Block 6 with Malaysia's Petroliam Nasional Bhd's Block 5A in Sudan, without giving further details.

PetroChina and its parent group are currently involved in more than 80 joint venture projects in 29 countries to expand their overseas business in exploration and refining as well as to meet rising domestic demand.

Sudan is the sixth-largest crude supplier to China, exporting 8.6 million tons in the first nine months, according to Chinese customs.

CNPC secured a US$30-billion, five-year bank loan from China Development Bank in early September to speed up its global strategy.


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